• Acquisition Complete on Alto-Gardnar and Tabor Lake Magnetic Survey 

• Howie Lake acquisition to commence this week 

• Tabor Lake Data to be fast-tracked for mid-April and used to finalize spring drilling locations  

April 3, 2023 – TheNewswire – Calgary, Alberta - Ashley Gold Corp. (CSE:ASHL) (“Ashley” or the “Company”) has completed the acquisition of the Tabor Lake and Alto-Gardnar Drone Magnetic Surveys and will begin the Howie Lake acquisition this week.  Data for Tabor Lake is being fast-tracked by Pioneer Exploration Consultants and is expected to be finalized by Mid-April.  This data coupled with digitized historical data will be used to finalize drill locations for the maiden spring drill program.

“The high-resolution magnetic data will be used to finalize our subsurface interpretation for the maiden program around the Tabor shaft” said Darcy Christian, Ashley’s CEO. “We have a good understanding of the area however the magnetic survey will help put the pieces together to ensure our best chance of success at the bit.”

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Figure 1.  Camp 33 Road into the Tabor Property

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Figure 2. Drone Taking Flight

Access to the Properties

Alto-Gardnar was accessed by the existing MacFie Rd. by snowmobile which will need minor clean-up for larger equipment.  Access to the Tabor Lake area was achieved via the Sandy Point Rd. network which was maintained up to the north-eastern boundary where current forestry activity exists. Within the Tabor Lease, the existing Camp 33 Rd. was used to access the lake which will be cleaned up prior to drilling.  Access to Howie Lake is excellent on the maintained Snake Bay Rd. which runs through the property on its way to Dynasty Gold’s Thundercloud Property.

The Qualified Person responsible for the technical content of this press release is Shannon Baird, P.Geo, Exploration Manager of Ashley Gold Corp.

ABOUT ASHLEY GOLD CORP.

Ashley Gold is focused on creating substantive, long-term value for its shareholders through the discovery and development of world class gold deposits. Ashley currently holds an option to earn 100% interest in the Ashley Mine Project, subject to a 2% royalty. In addition, Ashley has acquired, 100% of the Tabor Lake Lease subject to a 1.5% royalty, 100% of the Santa Maria Project subject to a 1.75% royalty, 100% interest in the Howie Lake Project subject to a 0.5 % royalty and 100% interest in the Alto-Gardnar Project subject to a 0.5 % royalty.

Ashley Gold Corp. is an early-stage natural resource company engaged primarily in the acquisition, exploration, and if warranted, development of mineral projects. The Corporation’s objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects, currently focused in northeastern and northwestern Ontario within the western Abitibi and the Eagle-Wabigoon-Manitou Lakes Greenstone Belts.

The responsibility of this release lies with Mr. Darcy Christian, President and CEO • +1 (587) 777-9072 • dchristian@ashleygoldcorp.com , may be contacted for further information. www.ashleygoldcorp.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

DISCLAIMER & FORWARD-LOOKING STATEMENTS

This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Ashley Gold Corp. provides no assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements”.